Almanac managing director Justin Hakimian said in a news release that the additional capital was needed given HRI’s continued growth on 16 new projects across eight states and an aim towards an IPO.

Since its founding in 1982, HRI Properties has completed more than 70 large-scale projects in 16 states totaling more than $2.5 billion. The company has a national portfolio of 1,500 apartments and 2,200 hotel rooms.

HRI’s founder and long time CEO Pres Kabacoff recently stepped down to become chairman, and was replaced by Tom Leanoard.